Coinbase Global (NASDAQ:COIN) Stock Price Up 1.9% – Should You Buy?

Shares of Coinbase Global, Inc. (NASDAQ:COIN) rose 1.9% on Thursday . The company traded as high as $301.88 and last traded at $301.60. Approximately 3,785,647 shares changed hands during trading, a decline of 51% from the average daily volume of 7,789,395 shares. The stock had previously closed at $295.85.

Analyst Ratings Changes

Several equities analysts have commented on COIN shares. Oppenheimer cut their price target on Coinbase Global from $358.00 to $334.00 and set an “outperform” rating for the company in a report on Friday, January 17th. Piper Sandler raised their target price on Coinbase Global from $245.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 7th. Barclays increased their price objective on shares of Coinbase Global from $204.00 to $355.00 and gave the company an “equal weight” rating in a research note on Monday, December 9th. B. Riley initiated coverage on shares of Coinbase Global in a research note on Wednesday, October 23rd. They issued a “neutral” rating and a $185.00 target price on the stock. Finally, Mizuho increased their price target on shares of Coinbase Global from $160.00 to $178.00 and gave the stock an “underperform” rating in a research report on Thursday, October 31st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and ten have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $282.83.

Coinbase Global Price Performance

The stock has a fifty day moving average of $290.54 and a 200-day moving average of $233.72. The firm has a market capitalization of $74.60 billion, a P/E ratio of 50.85 and a beta of 3.59. The company has a quick ratio of 1.03, a current ratio of 1.03 and a debt-to-equity ratio of 0.48.

Coinbase Global (NASDAQ:COIN) last announced its earnings results on Wednesday, October 30th. The cryptocurrency exchange reported $0.28 earnings per share for the quarter, missing analysts’ consensus estimates of $0.41 by ($0.13). Coinbase Global had a return on equity of 14.81% and a net margin of 29.76%. The company had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the firm posted ($0.01) earnings per share. The company’s revenue was up 78.8% on a year-over-year basis. Equities analysts predict that Coinbase Global, Inc. will post 4.81 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Lawrence J. Brock sold 4,635 shares of Coinbase Global stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $250.00, for a total transaction of $1,158,750.00. Following the completion of the sale, the insider now owns 18,525 shares in the company, valued at $4,631,250. The trade was a 20.01 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Emilie Choi sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The stock was sold at an average price of $203.30, for a total transaction of $304,950.00. Following the sale, the chief operating officer now directly owns 175,101 shares of the company’s stock, valued at approximately $35,598,033.30. This trade represents a 0.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 367,489 shares of company stock valued at $109,624,297. 23.43% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Coinbase Global

A number of institutional investors have recently made changes to their positions in the stock. Clear Street Derivatives LLC acquired a new stake in Coinbase Global during the 3rd quarter worth $409,919,000. Geode Capital Management LLC increased its holdings in shares of Coinbase Global by 10.1% in the third quarter. Geode Capital Management LLC now owns 3,425,619 shares of the cryptocurrency exchange’s stock worth $609,789,000 after acquiring an additional 314,388 shares in the last quarter. Azora Capital LP increased its holdings in shares of Coinbase Global by 214.1% in the third quarter. Azora Capital LP now owns 322,868 shares of the cryptocurrency exchange’s stock worth $57,525,000 after acquiring an additional 220,078 shares in the last quarter. Holocene Advisors LP acquired a new stake in shares of Coinbase Global during the third quarter worth about $38,535,000. Finally, CloudAlpha Capital Management Limited Hong Kong bought a new position in shares of Coinbase Global during the 3rd quarter valued at about $29,756,000. 68.84% of the stock is owned by institutional investors and hedge funds.

Coinbase Global Company Profile

Coinbase Global, Inc provides financial infrastructure and technology for the crypto economy in the United States and internationally. The company offers the primary financial account in the crypto economy for consumers; and a marketplace with a pool of liquidity for transacting in crypto assets for institutions.